Singapore's non-life insurers closed the 2023 financial year with a 10.1% turnover increase to 10.2 billion SGD (7.7 billion USD). This performance was driven by the strong growth of both the domestic and offshore businesses.
The market is dominated by the motor activity, which accounts for 21% of the total premiums written in Singapore in 2023. The health and property classes of business are in second and third place, with respective market shares of 19.2% and 14.9%.
The underwriting result generated by all local non-life companies as at 31 December 2023 amounted to 262.9 million SGD (199.2 million USD), representing a 111.2% decline over one year. This drop was mainly due to a 44% increase in net incurred losses.
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